Monitoring animal health and averting the outbreak of animal diseases play a vital role in the growth of an economy. As animal diseases with human health implications have the potential of adversely impacting public health and global trade, effective control and prevention of these diseases are supported by individuals across the globe. This aids in ensuring safe food supply and preventing the spread of zoonotic diseases among animals as well as human beings. As per IMARC Group’s global animal health market report, the market reached a value of US$ 44 Billion in 2018.
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The animal health industry is currently experiencing moderate growth as livestock farmers and pet owners have become more aware of the impacts of animal diseases outbreak. In addition to this, they are willing to invest in animal healthcare products and services on account of their inflating income levels, increasing awareness through print and electronic media and the growing trend of pet humanization. Apart from this, technological advancements and rising research and development activities in the veterinary pharmaceutical industry are also strengthening the global animal health market growth. With the help of these advancements, the data generated in veterinary clinics can be upload on the internet and shared with other clinicians and researchers. Furthermore, the governments in numerous developed countries are undertaking initiatives and implementing different animal vaccinations programs to optimize the veterinary healthcare industry. By 2024, the global animal health market size is anticipated to exceed US$ 206 Billion by 2024, expanding at a CAGR of 2.4% during the forecast period (2019-2024).
Market segmentation: Based on the animal type and product type:
Based on the animal type, the market has been bifurcated into commercial and companion segment. Currently, commercial animals segment dominates the market.
On the basis of the product type, the market has been classified into pharmaceuticals, biologicals, medicinal feed additives and diagnostics. Amongst these, pharmaceuticals account for the majority of the total market share.
North America accounts for the biggest market share:
The major animal health markets include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. At present, North America enjoys the leading position in the market as the governments in the region are improving veterinary healthcare by introducing sustained healthcare policies. Moreover, various organizations are actively taking part to prevent and control animal diseases by raising awareness among citizens.
Fragmented market structure:
The market is fragmented in nature owing to the presence of numerous established and emerging manufacturers in the industry. Some of these key players include Bayer, Elanco, Merck, Merial, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim, Ceva Sante Animale, Heska, Neogen, Novartis, Thermo Fisher Scientific, Vetoquinol and Virbac.
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